PEN Chart, page-23

Morning Guys,

As can be seen by trading overnight in US markets, this is a long game and will have many twists and turns.

However, the S232 is one positive step for miners with US assets. It also spotlights the state of play for generalist investors and may help kick start the positive feedback loop (investor interest raises share prices/ spot U which in turn generates more interest which in turn drives SP's/ spot prices higher, etc, etc).

The catalysts are going to crystalize for the sector, both on the demand and supply side.

The biggie, IMO, is still to come. That being a decision from CCJ regarding McArthur River. It would appear that this is only a month or two away and, if they decide to keep the mine shutdown then this will really scare the utilities, especially as funds such as Yellowcake and UPC keep scooping up mobile U.

From my reading, it is likely that CCJ will keep MR suspended and, once that decision is finalised and disclosed, they will really start buying in the spot market. Reports suggest that CCJ will be a whale in the spot market and could materially impact prices.

Cheers
John